24 June - Nifty View

On Friday, Nifty opened slightly down, but quickly recovered by the end of the day to close near 5660 level. It traded erratically within the range of 5620 to 5680 for the entire day. A move above 5680/5690 with positive divergence in RSI on Daily Charts will give the Bulls some hope. However, since the Lower High and Lower Low pattern is continuing on Daily Charts, Positional traders should look at all rallies to create short positions. The first resistance for Nifty Future on the way up will come near the Gap zone of 5750-5780. Above that, 5890/5900 will be major resistance level. As of now, it doesn't look probable that Nifty will cross these levels in this month.

The Nifty Options Open Interest Charts are given below:  

On the Nifty Options front, the Bulls showed some resilience on Friday, and added a big quantity of 16 lacs+ Open Interest in Nifty Option of 5600 PE. 5600 PE now has the maximum open interest in Puts, crossing 90 lacs+. This will be a major support level for the Bulls next week. On the other hand, the Bears also added a huge quantity of 25 lacs+ Open Interest in Nifty Options of 5600 CE to 5800 CE. For the Bears, the Open Interest in Nifty Option of 5800 CE has also crossed 90 lacs+ now, and will be a major resistance level next week. The level of 5800 is currently the 50:50 level between the Bulls and the Bears.

For Monday, immediate resistance for Nifty Future comes in the zone of 5680-5690. Staying above this, the Bulls will try to take Nifty higher towards 5720 and 5750 level, where once again some selling pressure is expected. On the downside, support for Nifty Future comes around 5635 level and then at 5615/5620 level.  Below this, the Bears will have an upper hand, and Short trades should be preferred by intraday traders.

24 June - Nifty Future resistance at 5680-5700-5720-5750. Support at 5635-5615-5590-5570 - www.niftypower.com

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